0630 GMT - Mediobanca's offer to buy Banca Generali with the Assicurazioni Generali shares it currently holds could hand the insurer around 6% of its own shares, Keefe, Bruyette & Woods says in a research note. Assicurazioni Generali owns just over 50% of Banca Generali, which only accounts for 4% of its earnings. Assicurazioni Generali will lock the shares it will get from Mediobanca for the transaction, but analyst William Hawkins doesn't exclude the insurer cancelling this stock as a way to offset the earnings dilution from the deal. "Broadly, we view this transaction as a small positive for Generali shares, in the context of the much wider governance uncertainty across Italian financials currently," he says. (elena.vardon@wsj.com)
(END) Dow Jones Newswires
April 28, 2025 02:30 ET (06:30 GMT)
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